Saint Gobain: Norandex Acquisition In The United States

Saint-Gobain has announced the acquisition of the Norandex group in the United States from Owens Corning. Norandex has 2,200 employees and delivered sales of $866 million in 2006 split into two activities: building materials distribution and vinyl siding manufacturing.

The Norandex merchant brand, which will be integrated within Saint-Gobain’s Building Distribution sector, boasts a network of 153 specialized distribution branches dealing mainly in exterior building products (siding, doors, windows, etc.). Norandex ranks among the top 15 US building merchants in a highly fragmented market.

Norandex has also 3 plants used to manufacture vinyl siding, which are distributed by its own branches as well as by other independent distributors. The Norandex plants will be consolidated with the existing production facilities operated by the exterior building solutions division of Saint-Gobain’s Construction Products sector in the United States, and will enable the Group to unlock significant synergies.

The completion of this transaction, which values Norandex at an enterprise value of $343 million (net of cash tax benefits), is subject to the agreement of the competition authorities in the United States.

In 2006, Saint-Gobain’s Building Distribution sector delivered sales of €17.6 billion. Its 67,000 employees operate a network of almost 4,000 sales outlets in 24 countries. It is currently Europe’s leading distributor of building materials and the world’s number one distributor of tiles. Its main brands are Point.P, Jewson, Raab Karcher, Dahl, Lapeyre la maison… and La Plateforme du Bâtiment.

600450 Saint Gobain: Norandex Acquisition In The United States glassonweb.com
Date: 31 July 2007
Source: Saint Gobain

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